CDPQ joins Brookfield buyout of Australia's Healthscope
Caisse de dépôt et placement du Québec (CDPQ) has agreed to join Brookfield Asset Management in its buyout of Australian hospital operator Healthscope, taking a significant minority stake for a consideration of more than A$300 million ($202 million).
Healthscope agreed to Brookfield’s take-private offer, which valued the company at $4.38 billion on an equity basis, in February, rejecting a competing offer from a consortium led by BGH Capital. Brookfield announced in June that the acquisition had been completed.
Healthscope provides a range of healthcare services, including acute care, rehabilitation, and mental healthcare services, from a network of 43 private hospitals across every state in Australia. It also operates 24 pathology laboratories in New Zealand. The company divested its Asia pathology assets, consisting of 39 pathology laboratories across Singapore, Malaysia, and Vietnam, to TPG Capital last year for A$279 million.
“We are delighted to support Healthscope, a world-class healthcare provider, in expanding its clinical care offering,” said Stephane Etroy, executive vice president and head of private equity at CDPQ, in a statement. “This is an opportunity for CDPQ to invest in the Australian healthcare sector and support a company that provides essential services to the benefit of the communities.”
CDPQ’s Australia deals include a 2016 investment in Plenary Group Holdings, which controls the Australian operations of global specialist infrastructure investor Plenary Group, and a deal the same year for a minority stake in insurance distributor Greenstone. The pension fund also participated in the A$10.26 billion buyout of Transgrid, the New South Wales electricity transmission network, alongside Hastings Fund Management and the Abu Dhabi Investment Authority.
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